After retracing to the trend line resistance on the weekly time frame, EU has entered a Daily time frame down trend. Price has retraced over the past week to the 61.8% Fibonacci level.
Chart below:
As you can see price has been rejected from the 61.8% Fibonacci level.
This morning price has made a nice thrust move down through the averages and Pivot points and I am looking for a short position as detailed below.
Levels and Chart below:
Entry: 1.3575
Stop Loss: 1.3605
Target: 1.3425 (150 pips and a previous low. Also coincides with 2.618% Fibonacci extension).
I will update again should the position be opened.
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